Ten Egyptian fintechs joined Fintech Galaxy, the UAE-based central bank-governed open financial platform.
Sympl, Synapse Analytics, Valify, and seven other Egyptian fintechs have joined Fintech Galaxy, the open finance platform based in the UAE that is governed by the central bank. For the onboarded fintech companies, the open APIs offered by Fintech Galaxy’s FINX platform will stimulate a variety of creative use cases.
Fintechs will be able to provide services like adaptable buy-now-pay-later plans, individualized, AI-driven financial services, precise credit scoring, risk assessment, and predictive financial management tools thanks to the connection. Additionally, the adoption of open APIs will improve fraud detection and identity verification procedures online. Online transactions will become safer and more trustworthy as a result of this.
These fintech companies can provide customized services and grow their customer bases by utilizing open finance capabilities. while also streamlining processes. Open finance also encourages cooperation with financial institutions. It encourages innovation and creates new sources of income. In a sense, open finance serves as a trigger. Fintechs are given the authority to revolutionize the financial environment, democratize access to financial services, and spearhead the industry’s digital transformation.
Facilitating the commencement of payments and account information to support growth
Through a single API gateway, the open banking/open finance API platform FINX integrates with the APIs of numerous banks. It is made to facilitate account information and payment initiation in order to encourage the development of fintech businesses. With the help of this platform, fintechs can successfully negotiate the financial industry’s intricacies. While doing so, it gives them a safe and law-abiding environment in which to conduct their business.
“With the help of our API platform, we are thrilled to enable Egyptian fintechs to enter the larger MENA market. We intend to significantly reduce the complexity of financial management for both individuals and businesses in the region. These alliances will give businesses the chance to use the FINX platform to support their expansion outside of their home markets and create cutting-edge services that are effective and comply with international open banking standards, according to Mirna Sleiman, founder and CEO of Fintech Galaxy.
Throughout 2023, Fintech Galaxy aims to promote more collaborations and expansion in the global finance ecosystem. Its focus encompasses a wide spectrum of clientele in addition to fintech companies. Merchants and other important stakeholders are among them. It seeks to offer them a solid, safe open finance platform, creating new possibilities. As a result, it appears to enable them to improve their financial services globally.